Nah it's still
to florida. Don't get it twisted
twist this doggie
Miami and Fort Lauderdale top two retail markets in the U.S., study says
Miami and Fort Lauderdale listed at the No. 1 and No. 2 markets, respectively
Top two markets for investors to buy retail assets in the next three years
Fueled by strong employment growth and demand
Shoppers on Black Friday 2015 at Dolphin Mall in Sweetwater. Roberto Koltun rkoltun@elnuevoherald.com
By Chabeli Herrera
The “Retail Market Outlook” report places the two cities in the top spots largely due to strong employment growth in recent years.
In Miami, local employment is at a peak, according to the report, particularly in the hospitality sector. According to the Greater Miami Convention & Visitors Bureau, hospitality and leisure employment rose by nearly 5 percent in 2015 to 136,100 jobs — an all-time high.
In Fort Lauderdale, employment growth grew by 3.5 percent in 2015. According to the report, Ten-X projects continued growth of 3 percent or more in each of the next three years.
The employment growth will fuel the retail sector, the report predicts, lowering the amount of vacant positions in the retail market. In Miami, vacancies are expected to decrease from 6 percent in 2015 to 4.2 percent in 2019. In Fort Lauderdale, vacancies are projected to drop by 2.5 percent, from 9.2 to 6.7 percent over the same time period.
136,100 Number of jobs in the Miami hospitality and leisure sector in 2015, an all-time high.
Meanwhile, demand in both markets is expected to increase rents for retail space, by 17.4 percent in Miami and 16 percent in Fort Lauderdale.
The report does not include the many new and renovated retail options expected to come online in the next several years.
Brickell City Centre’s 500,000-square-foot open-air shopping center opens this fall, Aventura and Dadeland Malls are going through expansions, the Design District will add 60 stores and restaurants by mid-2017, Miami Worldcenter in Downtown Miami will debut an open-air shopping center in fall 2018, and Lincoln Road in Miami Beach, Miracle Mile in Coral Gables and Flagler Street in downtown Miami are also getting retail redos. In Broward County, the Fashion Mall in Plantation will be replaced with an open-air shopping center and Sawgrass Mills, America’s largest outlet mall, is getting a new wing.
The U.S.’s largest mall, the proposed 200-acre American Dream Miami, may also be coming to Northwest Miami-Dade, if approved by the county. A traffic study by developer Triple Five places the project’s completion date in 2020.
The other “buy” markets in the top five were Austin, Texas; northern Virginia and Los Angeles, California respectively. The top five “sell” markets, in which investors are encouraged to sell their retail properties, are central New Jersey; Detroit, Michigan; Baltimore, Maryland; Cleveland, Ohio and Memphis, Tennessee.
Read more here: Miami and Fort Lauderdale top two retail markets in the U.S., study says
Advertisement
Commercial Real Estate
Miami Emerges From Gloom Into Residential and Commercial Sunlight
Square Feet
By NICK MADIGAN MAY 10, 2016
Continue reading the main story
Billions of dollars in commercial and residential development are changing downtown Miami’s skyline. Credit Oscar Hidalgo for The New York Times
MIAMI — It was always Miami Beach, a barrier island on the sun-dappled Atlantic, that attracted the attention, the glamorous notices, the billions of dollars in real estate speculation.
Just four miles away on the mainland, the sprawling metropolis of Miami suffered for years in the comparison, its scruffy downtown largely devoid of life after offices closed for the day and commuters fled to the suburbs. Inner-city neighborhoods, mired in poverty, were far from investors’ radars.
“It was a ghost town, with vacant parcels, no residential areas, no museums,” said Alan R. Kleber, managing director of the local office of JLL, an investment management company that specializes in commercial real estate. “It was a wasteland with an amazing view.”
Miami long struggled to achieve the patina of prosperity, even though glimmers appeared in the Brickell neighborhood, where condominium towers and office buildings proliferated, and more recently in the Design District, with its elegant boutiques.
Now, a wave of commercial and residential development in downtown Miami and its periphery is altering the city’s skyline. And in providing options for those less affluent than the condo dwellers by the water, it is challenging the long-held perception that Miami is not a place where a middle-class person can live well and raise a family.
“It’s become dynamic and vibrant, even for the naysayers,” Mr. Kleber said of the last few years. “What you’re seeing is the densification of a city, right before your eyes. We’re watching another Manhattan being built.”
A worker on the site of the Miami Worldcenter. Credit Oscar Hidalgo for The New York Times
While such comparisons may be hyperbolic, data show a significant increase in downtown residential properties — many of them rental apartments — in tandem with construction of multipurpose developments, retail stores, restaurants, supermarkets, a mass transit hub and cultural institutions.
In a report published in February, the city’s Downtown Development Authority said rental construction was “very active,” with around 13,000 units proposed or under construction. Rents downtown have risen 5 percent annually on average for the last three years.
The building rush seeks to capitalize on a growing number of jobs in the city’s business and financial sector, which serves hundreds of banks, private equity firms and hedge funds. With its economy now on decidedly firm footing, the Miami area — with a balmy climate, exotic surroundings and international flair — is an appealing place for companies from elsewhere, especially Latin America.
Over the next five years, businesses in the city are expected to add almost 20,000 office jobs, the agency said, estimating that some 385,000 square feet of new office space are under development.
http://www.nytimes.com/2016/05/11/r...residential-and-commercial-sunlight.html?_r=0
I still ain't taste those wings smh